UKEF offers new guarantee to help British firms secure international contracts

(New Civil Engineer, London, 19 November 2024) UKEF has launched a new product aimed at aiding British companies in securing international contracts. The Early Project Services Guarantee (EPSG) is the latest initiative to support firms offering engineering, design and technical services on a global scale. The EPSG is designed to assist overseas buyers who opt for British service companies in the initial planning phases of their projects. When an international buyer plans a major project and requires early work such as feasibility studies or conceptual designs, they can engage a UK design service firm. Under the EPSG scheme, this buyer can then seek a guarantee to secure a loan from a bank. This loan enables them to finance the early work provided by the UK business, with repayment terms spanning up to two years. Meanwhile, the UK service provider receives payment upon completion of services, contingent on the loan’s terms.